Silver followed a decline in gold prices; today, it’s bouncing.
The silver futures contract lost 3.31% on Thursday, May 23, accelerating its Wednesday’s decline of 1.8%. It reacted to the stock market’s pullback, along with declining gold prices and strengthening U.S. dollar.
On Monday, silver reached a new long-term high of $32.75, extending advances after breaking above the $30 level. Yesterday, it traded as low as $30.26.
In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high of $29.91. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading along the $30.70 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.7% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 215,000, and the Flash Manufacturing PMI/ Flash Services PMI releases have been higher than expected. Today, we will get the Michigan Consumer Sentiment data, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, May 24
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:35 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G7 Meetings
Monday, May 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- All Day, U.S. - Bank Holiday
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist